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Akobo Minerals AB has shared a promising operational update for October 2026 regarding its Segele underground gold mine in Ethiopia, renowned as one of the highest-grade underground gold mines globally.
In October, Akobo Minerals produced approximately 12 kg of doré gold with an average processed grade of 11 g/t, marking a strong beginning to the fourth quarter. The cumulative gold production since the mine’s start-up has now reached approximately 181 kg.
Key production highlights
- Doré gold production: Approximately 12 kg at an average processed grade of 11 g/t
- Cumulative doré gold production: Approximately 181 kg since start-up
- Average processed grade since start-up: Approximately 22 g/t
- Processing stockpile: Approximately 1,100 tonnes, including about 800 tonnes of development material from the vertical shaft
The decrease in average processed grade in October is mainly due to a higher proportion of lower-grade development material from cross-drives and previously accumulated tailings. Nevertheless, gold mineralisation has been consistently observed in development material from the vertical shaft.
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Mining developments
During October, the company initiated an assessment of a potentially mineralised area west of the current Segele orebody. This investigation focuses on a shallow area where mineralisation appears to extend from the existing Segele system. While this work is at an early stage, further geological assessments are necessary to understand its scale and economic potential.
Vertical shaft development
The vertical shaft development continued throughout October despite challenging ground conditions. Encouragingly, recent observations suggest the shaft may be entering more competent, harder rock. A significant milestone was the successful blasting of a cubby, providing a safe area for the mining team during hoisting operations. This enhancement is expected to increase operational efficiency by reducing personnel movement up and down the shaft.
The company plans to present an updated mine development plan in December, following the completion of the mine plan currently under preparation with external technical consultants. The updated design will optimize shaft depth and lateral development to access the orebody efficiently. The underground operation is projected to extend to approximately 200 meters depth based on current infrastructure.
This deeper underground infrastructure will also serve as a platform for further underground exploration, aimed at identifying additional mining areas and extending the Segele mineralised system at depth.
Exploration activities
Exploration activities in October concentrated on the Gingibil prospect, which is near the Segele mine and processing plant. It forms part of the broader prospective trend towards Joru in the southern part of the company’s licence area.
Drilling resumed at Gingibil towards the end of October, successfully intersecting the targeted shallow quartz vein in the first drill hole over approximately 2.5 meters downhole, with visible gold observed. Subsequent drilling in early November intersected the vein again, with visible gold noted in the core.
These findings from the first two holes are encouraging, and further drilling is planned to assess the continuity and extent of the mineralised structure. Laboratory assays and further geological interpretation will be essential to determine the gold grade, true thickness, continuity, and potential economic significance of the mineralisation.
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